US food producer Ralcorp Holdings has announced that it has completed the purchase of frozen food company Bakery Chef.
Ralcorp paid US$287.5m in cash for Bakery Chef, which makes frozen griddle products (pancakes, waffles and French toast) and other frozen, pre-baked products, and which had net sales for 2002 of $165m.
As previously announced, based upon Bakery Chef’s 2002 results and Ralcorp’s initial assessment of Bakery Chef’s intangible asset valuation and related amortisation, Ralcorp anticipates the transaction will immediately add $0.25 to $0.35 to diluted earnings per share on an annual basis.
“Today, Bakery Chef becomes a wholly owned subsidiary of Ralcorp that will provide a platform for increasing Ralcorp’s existing access to the food service channel and allows entry into the frozen food segment. Ralcorp is now poised to take advantage of growth opportunities in frozen foods and enhance its offerings to food service customers,” said Joe Micheletto, vice chairman of Ralcorp.
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